Russia is taking many important steps in preparation for a new era in the cryptocurrency sector.
As is known, the State Duma, the lower house of the Russian parliament, recently approved a bill regulating Bitcoin and altcoins in its final reading.
While this regulation continues to be widely debated, the Central Bank of Russia has published a draft of rules that will create the first regulatory framework for initiating systematic cryptocurrency trading in the country.
According to an official statement, this draft, which is a follow-up to the cryptocurrency market law expected to come into force in September, specifies the procedures for buying and selling digital assets in the country and establishes basic rules for their storage.
According to the proposal, cryptocurrency custodians will be required to have equity capital ranging from 50 to 250 million rubles (over 3 million US dollars) and meet additional requirements for storage and record-keeping.
According to the draft, cryptocurrency exchanges will define their own trading procedures and calculate weighted average prices for crypto-assets traded on their platforms.
The Russian Central Bank also added that it will maintain a register of institutions accepting digital deposits.
*This is not investment advice.
